Town and Country man charged in real estate loan scheme

A Town and Country man has been charged for a scheme that resulted in the loss of $2.5 million in funds loaned to him.

Ronald Roberts, 53, allegedly solicited personal loans for a fictitious real estate transaction involving property in or around Poplar Bluff, according to the U.S. Attorney’s Office for the Eastern District of Missouri, the St. Louis Business Journal reports.

Roberts allegedly said he would receive between $7 million and $22 million from Wal-Mart for the property, but actually used the money for personal expenses.

Read more from the St. Louis Business Journal.